Building Good Brand Karma Will Benefit Corporations, Consumers And The World
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In recent years there has been an increased awareness of the benefits of building good brand karma particularly amongst the world’s large companies. If global corporations can be encouraged to embrace good conduct and actions then the world will be preserved in much better shape for our children and beyond.
Consumers need to realise that large corporations are influenced by how the public perceive them, their service or product. As an enormous buyer group, if consumers throughout the world unite and voice their opinion and concerns about corporate conduct or inaction, they can drive real change in the way corporations act and conduct themselves. While corporations acknowledge the power of good brand karma they will only truly embrace it if the global population apply such pressure that it impacts on their brand reputation in such a way that sales and profitability are negatively affected and / or shareholder investment is withdrawn because investors do not want to be seen to be supporting a corporation with unethical practices or poor quality product.
In such a connected world, consumers are now in a powerful position to influence how corporations act. They must be more vocal not only in their criticisms of poor conduct by corporations but also in their praise of those companies that adopt positive values and actions in all that they do – in this way world corporations will come to realise the value of building good brand karma over ignoring their responsibilities and watching profits fall because of bad brand karma. A recent example of the concept is evidenced in the BP catastrophe in the Gulf of Mexico where its brand karma plummeted because of their lack of maintenance on the oil rig and their lack of effective action in capping the oil spill. Because of the size of this catastrophe the world was alerted to it but there are many other situations where large corporations escape the media spotlight. If consumers expressed their concern over corporate behaviour and made a conscious decision not support a product because of that behaviour, then companies will soon realise that rather than simply chasing the dollar their long term success will rise or fall on their brand karma and how they conduct themselves on the world stage.
Brand karma is in the hands of the people. The internet provides an excellent forum for people all over the world to discuss the good and bad behaviour of companies and the quality of their products. Brand reputation is important to the success of any business but particularly so for global corporations who supply their product to hundreds of corporations around the world. The buying power of the world’s consumers is obviously enormous and rather than seeing ourselves as individuals we should look to unite in action to positively influence the decisions made by corporations. If we sit idly by then what kind of world will we leave to our children? We need to encourage corporations to be environmentally aware and to have a social conscience when promoting their product into new markets. We need to ensure that they take responsibility for their actions and realise that if they fail to do so, the repercussions to their brand reputation will be severe.
Article Source: Articlelogy.com
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